Strata Clean Energy has begun operations on two tax equity-financed battery energy storage systems under the US Inflation Reduction Act.
Strata partnered with United Community Bank (UCB) and Enhanced Capital on an US$8.7m investment for the Georgia and Springfield Vermont projects, each of which have 5MW/10MWh of storage capacity.
The first installment of financing closed in March, making the sites among the first standalone storage projects to be funded using investment tax credits under the Inflation Reduction Act.
Both sites have now commenced commercial operations and the final installment of financing has closed.
President of Strata Clean Energy Josh Rogol said: “Our Capital Markets team, alongside our partners at Enhanced Capital and United Community Bank, demonstrated unwavering commitment in effectively navigating the investment tax credits associated with the IRA.
“We are looking forward to more financing opportunities using similar strategies, particularly for the Scatter Wash battery storage complex, a 255MW/1GWh site we developed in Phoenix.”
The Georgia and Springfield systems will help reduce costs and carbon emissions during peak energy demand periods.
As part of its rapidly growing battery energy storage platform, Strata assumes ownership and long-term operational responsibilities for both projects.
With the addition of the Georgia and Springfield projects, Strata has developed over 3.1 GWh of battery energy storage assets across 13 projects and plans to own and operate facilities nationwide as part of its independent power producer strategy.